Americold Realty Trust (COLD) Q1 2025 earnings summary

Executive summary

• Q1 2025 results were in line with expectations, with AFFO per share at $0.34 and operational improvements, but the full-year outlook was adjusted downward due to macroeconomic headwinds and lower consumer confidence.

• Completed the Houston warehouse acquisition, supporting a major new retail customer contract and improved inventory allocation.

• Increased quarterly dividend by 5% to $0.23 per share, paid in April 2025.

• Ongoing transformation initiatives, including Project Orion, aim to streamline operations and reduce costs.

• Continued focus on customer service, labor stability, and commercial excellence, with a record 60% of rent-and-storage revenue from fixed-commitment contracts.

Financial highlights

• Q1 2025 total revenues were $629.0M, down 5.4% year-over-year, mainly from lower warehouse and transportation volumes.

• Net loss was $16.5M ($0.06 per share), compared to net income of $9.7M ($0.03 per share) in Q1 2024, driven by higher closed site charges and SG&A.

• Adjusted FFO was $95.7M ($0.34 per share), down 9.0% year-over-year; Core FFO was $67.3M ($0.24 per share), down from $77.3M ($0.27 per share).

• Board approved a 5% increase in quarterly dividend to $0.23 per share.

• Same-store warehouse services margins improved by 110 basis points year-over-year to 11.2%.

Outlook and guidance

• 2025 Adjusted FFO per share guidance revised to $1.42–$1.52, down from prior $1.51–$1.59.

• Warehouse segment same store revenue growth expected at 0.0%–2.0% (constant currency), down from prior 2.0%–4.0%.

• Economic occupancy expected to range from -200 basis points to flat versus 2024; throughput volume between -1% and +1%.

• Services margins projected to exceed 12% for 2025.

• Maintenance capex expected at $80M–$85M; development starts projected at $200M–$300M.